So when we look at the metal market, gold is down, 0.92% going into Friday trade now, $20 lower. When we look at the April gold, you can see how the market has come down. You can almost see a trend line right here. Now, if it breaks through this to the upside, that's where you start the rally again.
So, this is important. Some people might call this a flag, some will call it a pennant. There are many ways you can look at this, but any way you look at it, you can almost see the trend line that is formed there and the question is going to get back over that and one of the numbers that would do it in my work would be $2185.60 and admittedly that's $20 higher than this but that's what you need.
Where's the market finding support? Well if it breaks through there, the potential could be back to an 18-day average of closes: $2113 right now. What the market did is it was running day after day six days in a row over the upper Bollinger Band, it pulled back and now you're in that consolidation phase and this is what I'm talking about.
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LINN & Associates
Over the past 35-years Ira Epstein has developed a reputation for providing clients with easy to use technology and teaching good old fashioned trading know-how. A number of our brokers have over 30-years trading experience. No matter how technology changes the methods of entering orders, there's no replacement for having "been there and done that before". It's the blend of services that brings things together.
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Ira began in the futures markets in 1969. Over the years he worked his way up, starting from the ground up as a "floor runner" culminating with his becoming a Floor Trader. In the mid 1970s Ira decided to make a career shift within the industry to develop both retail and commercial based clientele. His customer base grew to the point whereby in 1984 he founded "Ira Epstein & Company", a trading firm specializing in retail, commercial and self-directed discount futures trading. Along the way Ira became a leader in trading technology out of necessity, due to increased small lot trade volume. He was among the first to embrace the Internet, which as you know has dramatically changed both the way information is delivered and how trading takes place today.
One of the ways Ira, along with his brokers showcase their talents is through e-mails of market information and Ira's "Futures Videos", which can be viewed on our website, through Market Center, Linn-IraChart Software and on YouTube.